Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: Sales are budgeted at $330,000 for November, $350,000 for December, and $340,000 for January . Collections are expected to be 70% in the month of sale and 30% in the month following the sale. The cost of goods sold is 67% of sales. The company desires an ending merchandise inventory equal to 85% of the cost of goods sold in the following month. Payment for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are $22,100. Monthly depreciation is $21,900. Ignore taxes. Balance Sheet October 31 Assets Cash Accounts receivable Merchandise inventory Property, plant and equipment (net of $603,000 accumulated depreciation) Total assets 22,900 83,900 187,935 1,013, 000 $1,307,735 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 196,900 710,000 400,835 $1,307,735 Required: a. Prepare a Schedule of Expected Cash Collections for November and December. b. Prepare a Merchandise Purchases Budget for November and December c. Prepare Cash Budgets for November and December. d. Prepare Budgeted Income Statements for November and December. e. Prepare a Budgeted Balance Sheet for the end of December Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Prepare a Schedule of Expected Cash Collections for November and December. November December Sales Schedule of Expected Cash Collections Accounts receivable November sales December sales Total cash collections Required B Required: a. Prepare a Schedule of Expected Cash Collections for November and December b. Prepare a Merchandise Purchases Budget for November and December c. Prepare Cash Budgets for November and December d. Prepare Budgeted Income Statements for November and December e. Prepare a Budgeted Balance Sheet for the end of December Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Prepare a Merchandise Purchases Budget for November and December November December Budgeted cost of goods sold Total needs Required purchases Retained earnings Total liabilities and stockholders' equity Required: a. Prepare a Schedule of Expected Cash Collections for November and December b. Prepare a Merchandise Purchases Budget for November and December c. Prepare Cash Budgets for November and December. d. Prepare Budgeted Income Statements for November and December. e. Prepare a Budgeted Balance Sheet for the end of December. Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Required E Prepare Budgeted Income Statements for November and December. November December Sales Cost of goods sold Other monthly expenses Depreciation Required Required E > Prepare a Schedule of Expected Cash Collections Prepare a Merchandise Purchases Budget for November and December. Prepare Cash Budgets for November and December Prepare Budgeted Income Statements for November and December Prepare a Budgeted Balance Sheet for the end of December. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Prepare a Budgeted Balance Sheet for the end of December. Balance Sheet December 31 Assets Cash Accounts receivable Inventory Property, plant and equipment (net of accumulated depreciation) Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity Required D
